Marlin Global Ltd. · NZX:MLN
Marlin Global — Shareholder Meeting (November 2026)
37 slides from Marlin Global's shareholder meeting presentation, Nov 6, 2026
Slide 1: Annual Meeting of Shareholders
MARLIN GLOBAL LIMITED Annual Meeting of Shareholders 6 November 2026
Slide 2: Board of Directors and Marlin Team
Board of Directors Fiona Oliver David McClatchy Dan Coman Simon Flood Marlin Team Ashley Gardyne Harry Smith Sam Dickie Chris Waters Daniel Moser Christian McIntyre Wayne Burns Snr Portfolio Portfolio Head of Global Snr Investment Investment Investment Corporate Manager Manager Equity Research Analy
Slide 3: Agenda
Agenda • Preliminary matters • Chair’s Overview • Manager’s Review • Q&A • Annual Meeting Resolutions
Slide 4: Chair's Overview
Chair’s Overview
Slide 5: 2026 Marlin - Key Financial Data
2026 Marlin - Key Financial Data Net (loss) / profit Dividend Share price -$17.3m 7.35cps $0.77 (2025: $0.3m) (2025: 8.01cps) (2025: $0.91) Share price discount Total shareholder return * Dividend return # to NAV ^ -7.6% +8.1% 3.5% (2025: +2.8%) (2025: +8.5%) (2025: 4.0%) *These metrics are Non-GAAP
Slide 6: Portfolio performance for 1, 3 and 5yr periods
Portfolio performance for 1, 3 and 5yr periods For the year ended 3 years 5 years 12 months 30 June (annualised) (annualised) Adjusted NAV return * -8.5% +3.1% -1.5% Gross Performance * -6.3% +5.7% +0.7% Benchmark Index ^ +30.5% +20.0% +11.7% *These metrics are Non-GAAP measures calculated in accord
Slide 7: Movements in Shareholders' Funds
Movements in Shareholders’ Funds 12 Months to 30 June 2026 ($m) 220 210 200 190 180 170 160 150 Opening Net Dividends Dividends Closing NAV Loss Paid Reinvested NAV
Slide 8: Capital management
Capital management • Is regularly reviewed by the board, at every board meeting and through an annual ‘deep dive’ • Four capital management strategies - dividends, DRP, share buybacks, and warrants • In the interests of shareholders to have efficiency in how shares are traded relative to net asset v
Slide 9: Marlin's management agreement - new risk guardrails
Marlin’s management agreement - new risk ‘guardrails’ in place from today include Previous position Position from today Tracking error of 0-12% ex-ante (9% over Unconstrained cycle) Min 25 stocks, no maximum. Max active Some stock limits size of 6% at cost & 10% absolute position size based on marke
Slide 10: 2027 Financial Year to Date – Key Data
2027 Financial Year to Date – Key Data 1 July – 30 September 2026 Net Profit $6.1m Share Price 30 September 2026 $0.66 Gross performance return * +4.0% Benchmark Index # -1.1% *These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Marlin Non-GAAP Financia
Slide 11: Closing Remarks
Closing Remarks
Slide 12: Manager's Review
Manager’s Review Ashley Gardyne
Slide 13: Agenda
Agenda • Market drivers in 2026 • Recap on performance in a very tough year • How we have addressed this – including key portfolio changes • Outlook Why Marlin
Slide 14: Markets driven by AI, while high-quality stocks lagged
Markets driven by AI, while high-quality stocks lagged AI stocks drove market returns… …high-quality stocks were out of favour 50% S&P 500 +22% 40% S&P 500 equal-weight; ex-AI Relative return (3M rolling) 30% 20% 10% 0% +0% -10% -20% -30% Jun-2025 Sep-2025 Dec-2025 Mar-2026 Jun-2026 1999 2003 2007 2
Slide 15: Disappointing performance in a challenging year
Disappointing performance in a challenging year Performance for FY26 30.5% -36.8% -6.3% Benchmark Stock Marlin - index* selection gross return * S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)
Slide 16: Contribution to return
Performance by company in FY2026 4% 117% 12 months ended June 2026 167% 3% 2% Contribution to return 36% 16% 35% 38% 1% 23% 45% 4% 14% 9% 5% 5% -2% 0% 4% -8% -13% -8% -10% -12% -29% -27% 27% -22% -31% -17% -1% -18% -27% -18% -43% -19% -38% -2% -59% -50% -58% -3% Why Marlin Notes: Labels are the tota
Slide 17: Contribution to return
Performance by company in FY2026 4% 117% 12 months ended June 2026 167% 3% 2% Contribution to return 36% 16% 35% 38% 1% 23% 45% 4% 14% 9% 5% 5% -2% 0% 4% -8% -13% -8% -10% -12% -29% -27% 27% -22% -31% -17% -1% -18% -27% -18% -43% -19% -38% -2% -59% -50% -58% -3% Why Marlin Notes: Labels are the tota
Slide 18: Contribution to return
Performance by company in FY2026 4% 117% 12 months ended June 2026 167% 3% 2% Contribution to return 36% 16% 35% 38% 1% 23% 45% 4% 14% 9% 5% 5% -2% 0% 4% -8% -13% -8% -10% -12% -29% -27% 27% -22% -31% -17% -1% -18% -27% -18% -43% -19% -38% -2% -59% -50% -58% -3% Why Marlin Notes: Labels are the tota
Slide 19: Salesforce continues to deliver and is benefiting from AI
Salesforce continues to deliver and is benefiting from AI Salesforce’s edge isn’t just its software ▪ Holds the customer data AI needs 25,000 $400 $350 ▪ Embedded workflows deter switching 20,000 $300 Share price ($) ▪ Trusted with enterprise data security EBITDA, Adj 15,000 $250 ▪ Cheaper to add AI
Slide 20: Portfolio review and changes
Portfolio review and changes
Slide 21: Portfolio review, lessons and adapting our approach
Portfolio review, lessons and adapting our approach What we reviewed What we changed ▪ Every holding, stock by stock Larger research team Sector coverage model ▪ What drove and detracted from Grown from four analysts to seven, An analyst dedicated to each major past returns bringing more internation
Slide 22: Period of elevated change for the portfolio
Period of elevated change for the portfolio Portfolio review Greater sector diversification • Full review of every existing position, and review Change in sector weights since June 2025 of global opportunity set Materials 2% • 8 exits and 18 new holdings Information Technology 0% – 26 holdings → 36
Slide 23: Market-leading businesses added across range of sectors
Market-leading businesses added across range of sectors Financials Semiconductors Materials Consumer Industrials Technology Why Marlin Why Marlin
Slide 24: A balanced portfolio of high-quality companies
A balanced portfolio of high-quality companies 36 companies; 10 countries; 7 sectors MATERIALS COMMUNICATION SERVICES CRM MLM META ASML TYL GOOG Portfolio Benchmark CSU INFORMATION AVGO 700 TSMC Quality TECHNOLOGY 6861 NFLX ROIC 23% 5% NVDA MELI EBIT margin 30% 12% FND CONSUMER Interest coverage rat
Slide 25: Outlook / summary
Outlook / summary growing globally
Slide 26: Cautiously optimistic despite tail risks
Cautiously optimistic despite tail risks ✓ US consumer spending and employment holding up ✓ Strong corporate earnings growth ✓ Record AI capex investment continues × Geopolitical instability and high oil prices × Central banks hiking × Interest rates near 20-year highs × Market concentration and dep
Slide 27: Green shoots for quality stocks in Q1 FY27
Green shoots for quality stocks in Q1 FY27 High-quality relative performance has Portfolio laggards from last year leading improved since 30 June 2026 portfolio returns in Q1 30% Top performing portfolio holdings in Q1 25% 47% 20% 38% 15% 29% 28% 17% 10% 5% -3% 0% -24% -23% -23% -5% -42% -10% Salesf
Slide 28: MLN up +4.0% for Q1 in FY27
MLN up +4.0% for Q1 in FY27 Current Fiscal Year (30 Jun 2026 to 30 Sep 2026) 5% 5.1% 4.0% 4% 3% 2% 1% 0% -1% -2% -1.1% Benchmark Stock Marlin - index* selection gross return * S&P Large Mid Cap/S&P 28Small Cap Index (hedged 50% to NZD)
Slide 29: Thank You
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Slide 30: General Questions from Shareholders
General Questions from Shareholders (not relating to resolutions)
Slide 31: Annual Meeting 2026 Resolutions
Annual Meeting 2026 Resolutions
Slide 32: Matters of Business
Matters of Business • Annual Report • Resolutions: – Elect Simon Flood – Auditor remuneration
Slide 33: 2026 Annual Meeting Resolutions
2026 Annual Meeting Resolutions • Introduce and propose • Discussion, questions • Lodge your vote
Slide 34: Resolution 1 Election of Simon Flood
Resolution 1 Election of Simon Flood To elect Simon Flood as a Director of Marlin Global Limited
Slide 35: Resolution 2 Auditor Remuneration
Resolution 2 Auditor Remuneration That the Board of Directors be authorised to fix the remuneration of the auditor for the ensuing year
Slide 36: Conclusion
Conclusion • Complete and sign voting paper • Voting papers in the voting boxes • If you need a voting paper please see Computershare • Results to NZX
Slide 37: Thank You
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